TERMS OF TRADING | 请看中文
1.
Introduction
1.1. These Terms of Trading govern any action in respect of the
execution of Customer's instructions to open or close a position or place,
delete or modify order level.
1.2. These Terms of Trading specify:
a)
principles of trading under normal and abnormal market
conditions;
b)
Dealer's actions in case of Customer open positions in
case of margin insufficiency;
c)
procedures of dispute
resolution and the ways of communication between the Customer, the Dealer and
FXCAST.
1.3. Legal basis of margin trading are specified in the Agreements
entered in between the Customer and the Dealer.
1.4. The defined terms used in these Terms of Trading are set out in
p.10 (Interpretation of Terms).
2. General
terms
Execution of Customer
requests and instructions
2.1. There are two quotation mechanisms, which are used in order to
trade: "Customer price request" and "Instant Execution". Details of quotation
mechanism for each instrument are specified in the contract specifications.
2.2. The procedure of handling Customer instructions and requests given
via the client terminal:
a)
the Customer prepares an instruction or a request and
the client terminal checks if it's valid;
b)
the client terminal sends the instruction or request
to the server;
c)
if the connection between the client terminal and the
server is robust, the server receives the instruction or request and starts the
process of verification;
d)
Customer's valid request or instruction is queued up
and sorted by the arrival time; order's status is displayed in the "Order"
window: "Order is accepted";
e)
unoccupied dealer accepts the first request or
instruction from the queue ; order status is displayed in the "Order" window:
"Order is in process";
f)
the server receives from a dealer the result of Customer
request or instruction execution process;
g)
the server sends to the client terminal the result of
Customer request or instruction execution process;
h)
request or instruction is
received by the client terminal if the connection between the client terminal
and the server is robust.
2.3. The Customer has the right to cancel previously given requests or
instructions only if a request or an instruction has "Order is accepted"
status. In order to cancel it the Customer should press the "Cancel order"
button.
2.4. If an instruction or a request has been accepted by a dealer and
marked as "Order is in process" the Customer has no right to cancel it.
2.5. Quotes the Customer receives via the client terminal for the
instruments quoted by Customer price request are indicative so they may differ
from the quotes actually offered by a dealer to Customer's request. The Dealer
at its sole discretion will specify the market price level.
2.6. The time a dealer needs to process an instruction or a request
depends on the quality of connection between the client terminal and the
server, as well as on the market conditions. Under normal market conditions
Customer instructions or requests are usually executed within 5-15 seconds.
Abnormal market conditions usually may cause delays in the process of execution
up to 30-40 seconds. The standby time for each instruction or request which has
been queued up has a limit of 2 minutes at the time of the release of this
document. If during this time a dealer shall not accept a request or an
instruction it is automatically deleted from the queue as deemed to be
irrelevant.
2.7. In such circumstances a dealer may decline Customer instruction or
request:
a)
if Customer instruction or request precedes the first
quote in the trading platform on the market opening;
b)
under abnormal market conditions;
c)
if lately within due limits the Customer has made far
less transactions compared to the number of the requests ;
d)
if Customers free
margin is less than initial margin. Therefore, if any of these occur, the "Off
quotes" message appears in the client terminal.
2.8. The Customer may give an instruction or a request via the client
terminal. The Customer shall use FXCAST's phone
operator service only in case of any technical problems, which make it impossible
to use the client terminal.
Transactions
2.9 The Ask price is used to make a Buy transaction. The Bid price is
used to make a Sell transaction.
a) The Ask price is
used in order to open a Buy position. The Bid price is used in order to open a
Sell position.
b) The Bid price is
used to close a Buy position (i.e. Sell). The Ask price is used to close a Sell
position (i.e. Buy).
Rollovers
2.10. All positions which remain open from 23:59:45 to 00:00 (trading platform time zone) will be subject to
storage charges.
Spread
2.11. If there is no Force Majeure the Dealer
maintains fixed spread specified in the contract specifications.
2.12. Spread may widen:
a) for all the
Customers under Force Majeure conditions (at most 10
times higher than the spread indicated in the contract specifications);
b) for any particular
Customer if lately within due limits he/she has made far less transactions
compared to the number of the requests (at most 10 times higher than the spread
indicated in the contract specifications);
c)
for all Customers
subject to prior 14 (fourteen) calendar days notice.
Quotes base synchronization
2.13. In case of unforeseen breaks in the quotes flow caused by software
or hardware failure, FXCAST has the right to synchronize the quotes base on the
server for real Customers with other sources. Such sources include:
a) quotes base on the
demo-server;
b) quotes base on the
contest server;
c)
any other reliable
source .
a) In case any
disputes arise in respect of the break in quotes flow, all decisions are made in
accordance with the synchronized quotes base.
3. Open a
position
3.1. In order to give an instruction to open a position the Customer
shall specify the following:
a) instrument name;
b) transaction size.
Instruments quoted by
"Instant Execution"
3.2. In order to open a position via the client terminal without using
an advisor the Customer shall press the "Buy" or "Sell" button at the moment
he/she is satisfied with the prices in the quotes flow.
3.3. In order to open a position via the client terminal with using an
advisor an instruction is generated at the current
quote.
Instruments quoted by
Customer price request
3.4. In order to open a position via the client terminal without using
advisor the Customer shall send a request. The Customer may open a position at
the offered quote, once he/she has received it, within 3 seconds when the quote
is still relevant by pressing the "Buy" or "Sell" button. Once the time has run
out a dealer has the right to revoke the quote.
3.5. In order to open a position via the client terminal with using
advisor, the advisor generates a request. If a dealer offers a quote, which
differs from the advisor quote not more than the "slippage" value (advisor
parameter which determines the acceptable range between advisor quote and quote
offered by a dealer), advisor gives the instruction to the server to open a
position at the price offered by a dealer.
Processing and execution of
instruction to open a position
3.6. Once the server has received the Customer instruction to open a position
it automatically will check the equity for available free margin:
a) virtually, a new
position is added to the list of open positions;
b) cumulative
customer position and new necessary margin size are calculated: for locked
positions depending on the "hedged margin", for other positions depending on
the size of "initial margin", which is calculated at average weighted price (in
terms of volume) of all positions except the locked ones;
c)
"virtual free margin" is calculated including all
floating losses/profits for all open positions, which are estimated at the
current quotes;
d) if and when the
above mentioned virtual procedures for a new position have been executed and:
- "virtual free margin" more or equal to zero, the position is opened.
The process of opening a position is followed by the relevant record in the
server log-file;
- "virtual free margin" is less than zero, then a dealer has the right
to decline the instruction to open a position; this process is also followed by
the relevant record in the server log-file, giving the "No money" message.
3.7. Sometimes a quote changes while a dealer processes Customer
instruction. If it happens a dealer has the right to requote.
The Customer has 3 seconds to press the "Ok" button before the quote becomes
invalid. Otherwise, it will be considered that the Customer refuses to make a
deal.
3.8. Customer instruction to open a position shall be deemed executed
and the position shall be deemed open once the relevant record appears in the
server log-file. In the trading platform each open position has its ticker.
3.9. An instruction to open a position will be declined by a dealer if
it precedes the first quote in the trading platform on the market opening. In
this case the "Off quotes" message appears in the client terminal window. If a
dealer executes Customer instruction to open a position at the closing price of
the previous trading session by mistake, such transaction may be canceled by the Dealer. In this case the "Manifest Error"
message will be sent via FXCAST PRO internal mail.
4. Close a
position
4.1. In order to give an instruction to close a position the Customer
shall specify the following:
a)
position ticker;
b)
transaction size.
Instruments quoted by
"Instant Execution"
4.2. In order to close a position via the client terminal without using
advisor the Customer shall press the "Close.." button at the moment when he/she
is satisfied with the price in the quotes flow.
4.3. In order to close a position via the client terminal with using
advisor the instruction to close a position is generated at the current quote.
Instruments quoted by
Customer price request
4.4. In order to close a position via the client terminal without using
advisor the Customer shall send a request. Once the Customer has received a
quote and is satisfied with it he/she shall press the "Close.." button within 3
seconds when the quote is still valid. If during this period the Customer fails
to give any instructions to the Dealer a dealer has the right to revoke the
quote.
4.5. In order to close a position via the client terminal with using
advisor, the advisor generates a request. If a dealer offers a quote which
differs from the advisor quote not more than the slippage value (advisor
parameter which determines the acceptable range between advisor quote and quote
offered by a dealer), the advisor gives the instruction to the server to close
a position at the price offered by a dealer.
Processing and execution of
instruction to close a position
4.6. Sometimes a quote changes while a dealer is processing Customer
instruction. If it happens a dealer has the right to requote.
The Customer has 3 seconds to close a position by pressing the "Ok" button
before the quote becomes invalid. Otherwise, it will be considered that the
Customer refuses to make a deal.
4.7. If the list of open positions on a trading account contains two or
more locked positions, then once an instruction or a request to close one of
them has being generated in the drop down "Type" list the additional option
"Close By" appears. If the Customer chooses this option a list of opposite open
position(s) appears. Once the Customer selects the position it enables the
"Close#... by#" button. By pressing this button the Customer closes the opposite
positions of one size or "reduces" two opposite positions of different size.
The smaller position and symmetrical part of the bigger position are closed,
generating a new open position with the same direction as the bigger position
but with a new ticker.
4.8. If the list of open positions on a trading account contains two or
more locked positions, then once an instruction or a request to close one of
them has being generated in the drop down "Type" list the additional option
"Multiple Close By" appears. Once the Customer selects this option the list of
all open positions for the instrument appears and it enables the "Multiple
Close By for..." button. Once the Customer presses it
all locked positions for the instrument are closed, generating a new open
position(s) in the direction of the higher total volume and with a new ticker.
4.9. Customer instruction to close a position is deemed executed and the
position is deemed to be closed once it is has been recorded in the server
log-file.
4.10. An instruction to close a position will be declined by a dealer if
the instruction precedes the first quote on the market opening. In this case
the "Off quotes" message appears in the client terminal window. If a dealer
executes Customer instruction to close a position at the closing price of the
previous trading session by mistake, such transaction may be canceled by the Dealer. In this case the "Manifest Error"
message will be sent via FXCAST PRO internal mail.
4.11. An instruction to close a position will be declined by a dealer if
it is made when "Stop Loss" or "Take Profit" order for this position is in the
queue in order to be executed. In the client terminal window the "Off quotes"
message appears.
5. Orders
Order types in the trading
platform
5.1. In order to open a position the following orders (pending orders)
may be used:
c)
"Buy Stop" - an order to open a Buy position at the
price higher than the price at the moment of placing the order;
d)
"Sell Stop" -an order to open a Sell position at the
price lower than the price at the moment of placing the order;
e)
"Buy Limit" - an order to open a Buy position at the
lower price than the price at the moment of placing the order;
f)
"Sell Limit" - an order to open a Sell position at the
price higher than the price at the moment of placing the order.
5.2. In order to close a position the following orders may be used:
a)
"Stop Loss" - an order to close previously opened
position at the price less profitable for the Customer than the price at the
moment of placing the order;
b)
"Take Profit" - an order to close previously opened
position at the price more profitable for the Customer than the price at the
moment of placing the order;
c)
"If Done" - "Stop Loss"
and/or "Take Profit" orders which are activated once the pending order they are
related to has been executed.
The time of order's placement
and its lifetime
5.3. The Customer may place, modify or delete orders only within trading
hours for the relevant instrument. The trading hours for each instrument are
indicated in the contract specifications.
5.4. For sessionally traded instruments all
orders have the "Day Order" status and will be deleted at the end of a trading
session.
5.5. Pending orders on the instruments, which are traded 24 hours a day,
have GTC (Good Till Cancelled) status..
5.6. The "Stop Loss" and "Take Profit" orders for the instruments, which
are traded 24 hours a day, have the GTC status ("Good Till Cancelled").
The procedure of placing an
order
5.7. In order to give the instruction to place a pending order the
Customer shall specify the following required parameters:
a) instrument name;
b) transaction size;
c)
order type ("Buy Stop" , "Buy Limit", "Sell Stop" ,
"Sell Limit");
d) order level. In
addition the Customer may indicate the following optional parameters:
e) level of "Stop Loss"
order. 0.0000 means that "Stop Loss" is not placed (or is deleted if it has
already been placed);
f)
level of "Take Profit"
order. 0.0000 means that "Take Profit" is not placed (or it is deleted if it
has already been placed);
g) date and time when
pending order expires. The instruction will be declined if:
h)
any of the required parameters is not specified or is
incorrect;
i)
any of the optional
parameters is incorrect. If the orders are placed via the client terminal
without using advisor, the error message "Invalid S/L or T/P" will be sent.
5.8. If the Customer gives an instruction to place "Stop Loss" or "Take
Profit" order on the open position he/she shall specify the following:
a)
ticker for the open position he/she intends to place
the orders on;
b)
level of the "Stop
Loss" order. 0.0000 means that "Stop Loss" is not placed (or is deleted if it
has already been placed);
c)
level of the "Take
Profit" order. 0.0000 means that "Take Profit" is not placed (or it is
deleted if it has already been placed);
If any of the indicated parameters is incorrect the instruction will be
declined and the "Modify.." button will remain inactive.
5.9. If the Customer gives an instruction to place the "If Done" order on a pending order he/she shall specify the
following:
a)
ticker for a pending order he/she intends to place the
orders on;
b)
level of the "Stop
Loss" order. 0.0000 means that "Stop Loss" is not placed (or is deleted if it
has already been placed);
c)
level of the "Take
Profit" order. 0.0000 means that "Take Profit" is not placed (or it is
deleted if it has already been placed);
If any of the indicated parameters is incorrect the instruction will be
declined and the "Modify" button will remain inactive.
5.10. The levels of pending orders, as well as the levels of "Stop Loss"
and "Take Profit" orders on the open position must be placed correctly to the
current market price at the moment the instruction comes to the server and
while a dealer processes it, taking into account the restrictions of p. 5.12:
a)
for "Stop Loss" order
on the short position current market price is the Ask price. The order must be
placed higher than the current market price;
b)
for "Take Profit"
order on the short position current market price is the Ask price. The order
must be placed lower than the current market price;
c)
for "Stop Loss" order
on the long position current market price is the Bid price. The order must be
placed lower than the current market price;
d)
for "Take Profit"
order on the long position current market price is the Bid price. The order
must be placed higher than the current market price;
e)
for "Buy Limit" order
current market price is the Ask price minus 1 point. The order must be placed
lower than the current market price;
f)
for "Buy Stop" order
current market price is the Ask price plus 1 point. The order must be placed
higher than the current market price;
g)
for "Sell Limit"
order current market price is the Bid price plus 1 point. The order must be
placed higher than the current market price;
h)
for "Sell Stop" order
current market price is the Bid price minus 1 point. The order must be placed
lower than the current market price.
5.11. The levels of the "If Done" orders must be placed correctly to the
level of the pending order taking into account the restrictions of p. 5.12:
a)
"Stop Loss" order on the "Buy Limit" or "Buy Stop"
pending orders must be placed lower than the level of the pending order;
b)
"Stop Loss" order on "Sell Limit" or "Sell Stop"
pending orders must be placed higher than the level of the pending order.
c)
"Take Profit" order on the "Buy Limit" or "Buy Stop"
pending order must be placed higher than the level of the pending order;
d)
"Take Profit" order on the "Sell Limit" or "Sell Stop"
pending order must be placed lower than the level of the pending order.
5.12. All types of orders shall not be placed closer than predefined
number of points to the current quote (p.5.10) or to the level of a pending
order (p.5.11). Minimum number of points from the placed order to the current
quote for each instrument is indicated in the contract specifications.
5.13. Customer instruction to place an order is deemed executed and the
order is deemed to be placed once it has been recorded in the server log-file.
5.14. Each pending order has a ticker.
5.15. An instruction to place an order will be declined by a dealer if
it precedes the first quote on the market opening. In this case the "Off
quotes" message appears in the client terminal window. If a dealer executes
Customer instruction to place an order before the first quote on the market
opening by mistake such order may be deleted. In this case the "Manifest Error"
message will be sent via FXCAST PRO internal mail.
5.16. The Dealer has the right to decline Customer instruction to place
an order if while processing this instruction the current quote reaches the
level at which 5.10, 5.11, 5.12 paragraphs of these Terms of Trading are
breached.
The procedure of modifying
and deleting an order
5.17. If the Customer gives an instruction to modify pending order
parameters (the level of the pending order, "Stop Loss" and "Take Profit" on
this pending order) he/she must specify the following details:
a)
ticker;
b)
order level;
c)
level of "Stop Loss"
order. 0.0000 means that "Stop Loss" is not placed (or is deleted if it has
already been placed);
d)
level of "Take Profit"
order. 0.0000 means that "Take Profit" is not placed (or it is deleted if it
has already been placed).
If any of the indicated parameters is incorrect the instruction will be
declined and the "Modify" button will remain inactive.
5.18. If the Customer gives an instruction to modify "Stop Loss" and
"Take Profit" orders on the open position he/she must specify the following
details:
a)
ticker;
b)
level of "Stop Loss"
order. 0.0000 means that "Stop Loss" is not placed (or is deleted if it has
already been placed);
c)
level of "Take Profit"
order. 0.0000 means that "Take Profit" is not placed (or it is deleted if it
has already been placed).
If any of the indicated parameters is incorrect the instruction will be
declined and the "Modify .." button will remain inactive.
5.19. When the Customer gives an instruction to delete a pending order
he/she has to specify its ticker.
5.20. Customer instruction to modify or delete an order is deemed
executed and order is deemed to be modified or deleted once it has been recorded
in the server log-file.
5.21. An instruction to modify or delete an order will be declined by a
dealer if it precedes the first quote on the market opening. In this case the
"Off quotes" message appears in the client terminal window. If a dealer executes
Customer instruction by mistake order's modification or deleting may be canceled. In this case the "Manifest Error" message will be
sent via FXCAST PRO internal mail.
5.22. The Dealer has the right to decline an instruction to modify or
delete an order if while it is being processed the current quote reaches order
level or/and an order is being executed at this moment.
5.23. The Dealer has the right to cancel order level modification or
order deleting if the instruction to modify or delete an order is executed
after the order is queued up in order to be executed in accordance with p.5.26.
In this case the "Manifest Error" message will be sent via FXCAST PRO internal
mail.
The procedure of orders
execution
5.24. An order will be queued up in order to be executed as follows :
a)
for "Take Profit" order on open Buy position if the
Bid price in the quotes flow becomes equal or higher than order level;
b)
for "Stop Loss" order on open Buy position if the Bid
price in the quotes flow becomes equal or lower than order level;
c)
for "Take Profit" order on open Sell position if the
Ask price in the quotes flow becomes equal or lower than order level;
d)
for "Stop Loss" order on open Sell position if the Ask
price in the quotes flow becomes equal or higher than order level;
e)
for "Buy Limit" order if the Ask price in the quotes
flow becomes equal or lower than order level;
f)
for "Sell Limit" order if the Bid price in the quotes
flow becomes equal or higher than order level;
g)
for "Buy Stop" order if the Ask price in the quotes
flow becomes equal or higher than order level;
h)
for "Sell Stop" order
if the Bid price in the quotes flow becomes equal or lower than order level.
5.25. Once the pending order is queued up in order to be executed the
server automatically checks the equity for available free margin sufficient to
open a position:
a)
virtually a new position is added to the list of open
positions;
b)
cumulative Customer position and new necessary margin
size are calculated: for locked positions depending on the "hedged margin", for
other positions depending on the size of "initial margin", which is calculated
at average weighted price (in terms of volume) of all positions except the
locked ones;
c)
"virtual free margin" is calculated; if pending
order's level is in the price gap the floating losses/profits for all open
positions are estimated at the current quotes at the moment the order is being
queued up to be executed;
d)
if the above mentioned virtual procedures for a new
position have been done and:
- "virtual free margin" more or equal to zero, the position is opened.
The process of opening a position is followed by the relevant record in the
server log-file and the position opened by this order has the same ticker as
the pending order;
- "virtual free margin" is less than zero, then a dealer has the right
to decline the instruction to open a position and delete the pending order;
this process is also followed by the relevant record in the server log-file,
giving the "No money" message.
5.26. Order is deemed to be executed once the relevant record appears in
the server's log-file.
5.27. Under normal market conditions the Dealer executes an order at the
price specified for this order, without any slippage.
5.28. When order level is in the price gap under abnormal market
conditions or on the market opening, order may be executed at the first
obtainable after the gap quote. "Buy Stop", "Sell Stop" or "Stop Loss" orders
may be executed at the level less profitable for the Customer; "Buy Limit",
"Sell Limit", "Take Profit" may be executed at the level more profitable for
the Customer.
5.29. Under abnormal market conditions if the range between the level of
an order on a currency pair, which is in the price gap in the quotes flow, and
the first obtainable after the gap price (Bid or Ask depending on the order's
details) is more than 15 pips then the order is executed at a price which is
different from the price the Customer specifies.
5.30. If the range between the level of an order on a currency pair,
which is in the price gap on the market opening, and the first obtainable after
the gap price (Bid or Ask depending on the order's details) is more than 15
pips then the order is executed at a price which is different from the price
the Customer specifies.
5.31. Under abnormal market conditions if the range between the level of
an order on GOLD (Spot), which is in the price gap in the quotes flow, and the
first obtainable after the gap price (Bid or Ask depending on the order's
details) is more than 2 times higher than the spread indicated in the contract
specifications then the order is executed at a price which is different from
the price the Customer specifies.
5.32. If the range between the level of an order on GOLD (Spot), which
is in the price gap on the market opening, and the first obtainable after the
gap price (Bid or Ask depending on the order's details) is more than 2 times
higher than the spread indicated in the contract specifications then the order
is executed at a price which is different from the price the Customer
specifies.
5.33. When several orders are in the price gap they are queued up in
order to be executed in ascending order of their tickers. The instruction,
which is received earlier than the others in the queue, is sent to an
unoccupied dealer for execution .
6. Stop out
6.1. The Dealer is entitled to close Customer open positions without
his/her consent or any prior notice if the equity is less than 20% of the
necessary margin.
6.2. Margin level is tracked by the server and subject to p. 6.1 the
server generates the instruction to close a position without prior consent, so
called "stop out". "Stop out" is executed at the current quote following the
priority of the queue. Once the position has been closed the relevant record
appears in the server log-file with the "stop out" remark.
6.3. If the Customer has several open positions the first position which
has to be closed is the one with the highest floating loss.
6.4. The Dealer ensures that once the last position has been closed
trading account balance shall be within 0%-20% of the margin, which is required
to maintain the compulsorily closed position.
6.5. If stop out execution has resulted in the negative balance of
Customer trading account it will be compensated up to:
a)
20% of the necessary margin if stop out is executed
under normal market conditions;
b)
$0 if "stop out" is executed on the fast market or
after the price gap on the market opening.
6.6. In respect of the Contracts for Differences on futures in approach
of the expiry date of the underlying asset the transactions are executed in the
close only way. The Dealer or/and FXCAST advise the Customer of the date when
close only mode starts via internal mail notices or/and by displaying the
information on the website. The Dealer compulsorily closes the positions which
are open at the expiry date of the underlying of the future contract at the
last quote of the last trading session for this contract for difference:
a)
long positions at the Bid price;
b)
short positions at the
Ask price.
7. Communications
7.1. In order to communicate with the Customer the Dealer and FXCAST may
use:
a)
FXCAST PRO internal mail;
b)
email;
c)
facsimile transmission;
d)
telephone;
e)
post
f)
the "Company news"
section at FXCAST's website.
The Dealer and FXCAST will use Customer contact details specified in the
"Confidential Customer Information to open Personal/Corporate
Account" form or updated in accordance with p. 7.3 of these Terms of
Trading. The Customer agrees to accept Dealer and FXCAST's
notices at any time.
7.2. Any communications sent to the Customer
(documents, notices, confirmations, statements etc.) shall be deemed effective:
a)
in an hour after emailing it;
b)
once it has been sent by internal mail;
c)
once it has been faxed;
d)
once the telephone conversation has been finished;
e)
in 7 calendar days after posting it;
f)
once a notice has been
displayed at the FXCAST's website in the "Company
new" section.
7.3. The Customer shall notify the Dealer and
FXCAST immediately of any change in Customer contact details.
7.4. The Customer's transactions will be
confirmed on the next business day after execution by email (confirmation). If
the Customer has reason to believe that the confirmation is inconsistent or if
the Customer does not receive any confirmation (though he/she has made a transaction)
he/she must claim to the Compliance Department in accordance with p.8 of these
Terms of Trading.
7.5. On the first day of each month the Customer
receives the confirmation of all transactions for the previous month, which is
called a "statement".
7.6. The Dealer and FXCAST are authorized,
without any additional agreements with the Customer, to act in accordance with
facsimile instruction made by the Customer or on his behalf by the authorized
person.
7.7. The following instructions are not accepted
by fax:
a)
to open/close a position;
b)
to place, delete or
modify an order.
7.8 The Customer acknowledges that the pages
printed by FXCAST or Dealer's facsimile machines shall be conclusive evidence
of such faxed instructions.
7.9. The Customer acknowledges that any
telephone conversation between the Customer and FXCAST may be recorded
magnetically or electronically. The Customer further agrees that such
recordings shall be FXCAST's sole property and
constitute evidence of Customer's instructions.
8. The
procedures of dispute resolution
Complaint procedure
8.1. If any dispute arises the Customer has the
right to lodge a complaint with the Dealer within two business days of the day
a grievance complained of arises.
8.2. A complaint shall be lodged to the
Compliance Department by email at info@fxcast.com .
All the complaints lodges by another ways of communication (forum, by telephone
etc.) are not considered.
8.3. A complaint shall include:
a)
Customer name and surname (or company name);
b)
login in the trading platform;
c)
when the conflict first arises (date and time in the
trading platform time zone);
d)
position or pending order's ticker;
e)
description of the conflict
situation.
8.4 Complaint shall not include:
a)
affective appraisal of the conflict situation;
b)
offensive language;
c)
uncontrolled vocabulary.
8.5. Dealer has the right to refuse a complaint
if pp.8.1, 8.3 and 8.4 have been breached.
Server log-file
8.6. Server log-file is the main information
source in case of any dispute arising. Server log-file has the absolute
priority against other arguments including client terminal log-file .
8.7. If server log-file has not recorded
relevant information the Customer refers to, his/her argument based on this
reference may not be considered.
Indemnification
8.8. If the claim is recognized as justified it
is indemnified only in money, which is deposited to Customer trading account.
The size and procedures are specified in p.9.
8.9. The Dealer shall not indemnify if the
Customer by any reason received less profit than was due or had a loss as a
result of uncompleted action he/she had intended to do.
8.10. The Dealer and FXCAST shall not indemnify
the Customer in respect of any moral damage.
8.11. The Compliance Department shall consider
any Customer complaint or dispute and endeavour to investigate any dispute or
complaint as soon as reasonably practicable. Once the complaint has been
received automatic mail tracking system generates a notice to the Customer in
order to inform him/her that the complaint is taken to consideration. The
maximum time a claim must be considered is two business days from the moment
the claim has been received.
8.12. The Dealer indemnifies the Customer by
depositing his/her trading account, in case of favorable
decision, within one business day once such decision has been made.
Refusal to complaint
8.13. The complaints in respect of any
unexecuted instructions which are given during routine construction on the
server if the Customer has been notified in advance by internal mail or any
other way, are not accepted. The fact that the
Customer has not received a notice shall not constitute the reason to lodge a
complaint.
8.14. Complaints in respect of transaction or
order execution based on the difference in the prices for the Contract for
Difference in the trading platform and for the underlying asset of the Contract
for Difference, are not accepted.
8.15. Complaints in respect of time of order
execution subject to p.5.24, notwithstanding the time period a dealer needed to
execute an order as well as the time when server log-file recorded order's
execution, are not accepted.
8.16. Any Customer references to the quotes of
other companies or informational systems are not acceptable.
8.17. Disputes not mentioned in these Terms of
Trading are settled in accordance with common market practice and at the sole
discretion of the Dealer and FXCAST.
Appeal
8.18. The Customer is entitled to appeal against
FXCAST's decision on any dispute to FXcast at info@fxcast.com
9. Typical disputes
and the procedures of the resolutions
9.1. The difference in financial result between
actual close price of the position and assumed close price of the position by
the order is deposited/withdrawn by the Dealer if it
accepts that the order to close the position ("Stop Loss" and "Take Profit")
should have been executed. The Dealer is entitled to close a position that is
disputed at the current quote. If the Customer somehow modifies Stop Loss or
Take Profit order once the conflict in respect of this order first arises
(until the final decision is made), the Dealer has the right to dismiss such
complaint.
9.2. If the Customer at any time believes that
any pending order should have been executed but has not he/she shall do the
following before lodging a complaint:
a)
delete this pending order;
b)
open a position of the same size and in the same
direction at the current quote for the same instrument as the pending order the
complaint lodged of;
c)
indicate in the complaint
the ticker for the open position and the pending order.
If the Customer fails to follow the above-mentioned steps the Dealer has
the right to dismiss the complaint. The difference in financial result between
the actual open price of the position and assumed price of the order execution subject
to no mistake has been made in respect of it, is deposited/withdrawn by the
Dealer if the complaint is recognized as justified.
9.3. In order to execute an order a dealer needs
a reasonable period of time . The Customer shall make
sure that sufficient time to execute the order has run out before he/she
decides to lodge a complaint in respect of the unexecuted order.
9.4. A dealer has the right to execute the "Sell
Stop" or "Take Profit" order at the price which was before its modification or
deleting if the order has been queued up in order to be executed, but a dealer
by mistake confirmed its modification /deleting.
9.5. A dealer has the right to execute a pending
order at the price, which was before its last modification even if order
modification was confirmed after the pending order had been queued up in order
to be executed.
9.6. If a dealer confirms an instruction to
delete a pending order he/she has the right to delete it even if the order has
been queued up in order to be executed.
9.7. The Dealer has the right to refuse one or
more pending orders execution if the size of free margin is insufficient. If
there is more than one dealer, depending on the interim a dealer needs to proceed the Customer's request or instruction, there is a
possibility that in the server log-file the recorded execution time of the
first request or instruction in the queue will be later than the execution time
of the request or instruction which followed after.
9.8. If a dealer executes Customer's "Stop Loss"
or "Take Profit" order at spike/outstanding price, once the complaint has been
recognized as justified:
a)
Dealer shall compensate the difference in financial
result between actual position closing and closing at the price prior to spike,
if the current quote at the moment of decision-making in respect of the
complaint is worse than the price prior to spike;
b)
Dealer shall compensate the difference in financial
result between actual position closing and closing at the current quote, if the
current quote at the moment of decision-making in respect of the complaint is
better than the price prior to spike.
9.9. If Customer pending order to open a
position has been executed at the spike/outstanding price or the Customer opens
a position at spike/outstanding price, the Dealer has the right to:
a)
Close such position at the current quote and cancel
its financial result if the Customer keeps the position open;
b)
cancel the financial
result of the position if the Customer closes the position.
9.10. If a dealer executes "stop out" at
spike/outstanding price once the complaint has been recognized as justified:
a)
The Dealer compensates the difference in financial
result between the actual position closing and closing at the price prior to
spike, if the current quote at the moment of decision making in respect of the
complaint is worse than the price prior to spike;
b)
The Dealer compensates the difference in financial
result between the actual position closing and close price prior to spike, if
the current price at the moment of decision making in respect of the complaint
is better than the price prior to spike.
9.11. If the Customer closes a position at
spike/outstanding price the Dealer has the right to withdraw/deposit the
difference in financial result between actual position closing and closing at
the price prior to spike/outstanding price.
9.12. If the instruction to open a position is
received prior to the first quote in the trading platform on the market
opening, and a dealer erroneously executes such instruction at the close price
of the previous trading session, the Dealer has the right to:
a)
close such position at the current price and cancel
its financial result if the Customer keeps the position open;
b)
cancel the financial
result of the position if the Customer closes the position.
9.13. The Dealer has the right to
withdraw/deposit the difference in financial result between actual position
closing and assumed closing at the first quote on market opening if the
instruction to close a position precedes the first quote in the trading
platform on market opening, but a dealer executes the instruction at the
closing price of the previous trading session by mistake.
9.14. The consequences of dealer's manifest
error during the process of position opening is
compensated as follows:
a)
open position is closed at the current quote and the
Dealer cancel its financial result if the Customer keeps the position open;
b)
the financial result
of the position is canceled if the Customer closes
the position.
9.15. The consequences of dealer's manifest
error during the process of position closing are compensated by
withdrawal/deposit the difference in financial result between actual position
closing and assumed closing at the close price of the last minute bar prior to
manifest error. If there is a break in quotes flow the valid quotes are those,
which were synchronized in accordance with p.2.13 of this Terms of Trading.
10.
Interpretation of Terms
"Quotes base" shall mean quotes
flow information stored on the server.
"Base currency" shall mean the
first currency in the currency pair against which the Customer buys or sells
the quote currency.
"Balance" shall mean the
total financial result of all completed transactions and depositing/withdrawal
operations on the trading account.
"Bar (candle)" shall mean a chart's element, which shows open and
close prices, as well as lowest and highest prices for the definite period of
time (minute, 5 minutes, a day, a week etc.).
"Fast market" shall mean rapid
movements in a market for the short period of time often causing price gaps.
Generally it may occur immediately before or after any important event such as:
a)
reports of main economic indicators for the G7
countries, which have great impact on the financial market;
b)
central banks decisions on interest rates;
c)
press conferences and speeches of the central banks
heads, financial ministers and executives of G7;
d)
interventions;
e)
terror attacks;
f)
natural disasters or other Acts of God which cause
the announcement of the state of emergency (or other restrictive measures) on
the affected territories;
g)
war or any other military actions;
h)
political Force Majeure:
dismissal or appointment (including election results) of government executives;
i)
any other similar
event which influences price movements.
"Quote currency" the second
currency in the currency pair which can be bought or sold by the Customer for
the base currency.
"Currency pair" shall mean the
object of transaction based on the change in the value of one currency against
the other.
"Platform time
zone" shall mean the time zone in which log file records any event. At the
time of the release of this document the platform time zone is Moscow time less 2
hours.
"Chart" shall mean the
quotes flow in the form of a chart. Bar/candle high is the maximum Bid price
for the definite period, low is the minimum Bid price, the close price is the
last bar/candle Bid, the open price is the first bar/candle Bid.
"Dealer, The" shall mean the
company the Customer enters the Agreements into in respect of the legal basis
of margin trading;
"Dealer, a" shall mean
company's employee who processes Customer instructions, executes orders and
stop out.
"Long position" shall mean a Buy
position that appreciates in value if market prices increase. In respect of
currency pairs: buying the base currency against the quote currency.
"Request" shall mean
Customer order to the Dealer given to obtain a quote. Such request shall not
constitute an obligation to make a transaction.
"Instrument" shall mean any
currency pair
"Account History" shall mean all
completed transactions and depositing/withdrawal operations on the trading
account.
"Customer" shall mean a
legal entity or an individual being a party to the Agreements with the Dealer
in respect of making transactions subject to margin trading and with FXCAST to
use the client terminal.
"Client Terminal" shall mean the
FXCAST PRO program, which is used by the Customer in order to obtain
information of financial markets (which content is defined by FXCAST) in
real-time, to make technical analysis of the markets, make transactions,
place/modify/delete orders, as well as to receive notices from the Dealer and
FXCAST. The program can be downloaded from the FXCAST web page free of charge.
"Contract for
Difference" shall mean a contract, which is a contract for difference by reference
to fluctuation in the price of the underlying asset (shares, futures, metals,
indices etc.).
"Short position" shall mean a Sell
position for any instrument in expectation of a price fall. For currency pairs:
selling the base currency against the quote currency.
"Quoting" shall mean the
process of providing the Customer with the quotes in order to make a
transaction.
"Quote" shall mean the
information of the current price for specific instrument, in the form of the
Bid and Ask price.
"Leverage" shall mean 1:20, 1:40, 1:50, 1:100 ratio in respect of
transaction size and margin. 1:100 ratio means that in order to make a deal the
required amount on the trading account is hundred times less than transaction
size.
"Rate" shall mean 1) for
the currency pair: the value of the base currency in the terms of the quote
currency; 2) for the Contract for Difference: the value of one unit of the
underlying asset in terms of money.
"Client log-file" shall mean the
file, which is created by the client terminal in order to record all Customer
requests and instructions to the Dealer with accuracy to a second.
"Server log-file" shall mean the
file created by the server, which records accurate to a second all requests and
instructions, sent by the Customer to the Dealer as well as the results of
their execution.
"Locked positions" shall mean long
and short positions of the same size opened on the trading account for the same
instrument .
"Lot" shall mean an
abstract notion of the number of shares, base currency, or other underlying
asset in the trading platform.
"Margin Trading" shall mean
leverage trading when the Customer may make transactions having far less funds
on his trading account.
"Initial margin" shall mean the
margin required by the Dealer to cover open positions. The details for each
instrument are in the contract specifications.
"Necessary margin" shall mean the
margin required by the Dealer to maintain open positions. The details for each
instrument are specified in the contract specifications.
"Spike" shall mean an
error quote with the following characteristics:
c)
a significant price gap; and
d)
in a short period of time the price rebounds with a
price gap; and
e)
before it appears there is no rapid price movements; and
f)
before it appears there
is no important macroeconomic indicators and/or corporate reports. FXCAST has
the right to delete spikes from the quote base of the server.
"Normal market
conditions" shall mean the market where:
a)
there is no considerable breaks in the quotes flow in
the trading platform; and
b)
there is no fast price movement; and
c)
there is no large price
gaps.
"Transaction size" shall mean lot
size multiplied by number of lots.
"Order" shall mean
Customer instruction to the Dealer to open or close a position when the price
reaches order's level.
"Open position" shall mean the
result of the first part of the completed transaction. In this case the
Customer shall be obliged to:
a)
make counter transaction of the same volume;
b)
maintain equity not lower
than 20% of the necessary margin.
"Market opening" shall mean the
time when the market opens after weekends, holidays or trading sessions time gaps.
"Pending order" shall mean
Customer's instruction to the Dealer to open a position once the price has
reached the level of the order.
"Floating
profit/loss" shall mean unrecorded profit/loss on open positions at the current
prices.
"Transaction" shall mean two
counter deals of the same size (open and close a position): buy then sell and
vice versa.
"Quotes flow" shall mean the
stream of prices in the trading platform for each instrument.
"Instant
execution" shall mean the mechanism of providing quotes to the Customer without
price request. The Customer may make a transaction anytime as he/she sees the
quotes flow in real-time.
"Point" / "pips" shall mean the
numerical value of the last, or right-most, digit of a quote.
"Lot size" shall mean the
number of shares, underlying asset, base currency in one lot defined in the
contract specifications.
"Instruction" shall mean
Customer order to the Dealer to open/close a position or to place/modify/delete
an order.
"Abnormal market
conditions" shall mean "thin market" or "fast market".
"Free margin" shall mean funds
on the trading account, which may be used to open a position. It is calculated
as equity less necessary margin.
"Advisor" shall mean an
algorithm in the form of a program based on MQL 4, which is used to control a
trading account and give instructions and requests to the server via the client
terminal.
"Contract
Specification" shall mean principal trading terms (spread, lot size, initial margin
size, margin for the locked positions etc.) for each instrument.
"Dispute" shall mean 1) the
conflict situation when the Customer believes that the Dealer as a result of
any action or failure to act breaches one or more terms of these Terms of
Trading; 2) the conflict situation when the Dealer believes that the Customer
as a result of any action or failure to act breaches one or more terms of these
Terms of Trading.
"Spread" shall mean the
difference Ask and Bid prices.
"Ticker" shall mean the
unique identity number assigned for each open position or pending order in the
trading platform.
"Thin market" shall mean a
market in which the quotes in the trading platform are rare as opposed to the
normal market conditions. Such conditions are usual for Christmas, national
holidays in G7, etc.
"Trading platform
FXCAST PRO " or "FXCAST TRADING TERMINAL" shall mean all programs and
technical facilities which provide information of trading on the financial
markets in real time, allowing to make transactions, define all mutual
obligations between the Customer and the Dealer, as well as compliance of all
terms and conditions.
"Trading account" shall mean the
unique personified registration system of all completed transactions, open
positions, orders and deposit/withdrawal transactions in the trading platform.
"Order level" shall mean the
price indicated in the order.
"Price prior to
spike" shall mean the close price of the minute bar prior to the minute bar
with spike.
"Price gap" shall mean the
following:
g)
current quote Bid is higher than Ask of the previous
quote; or
h)
current quote Ask is
lower than Bid of the previous quote.
"Price gap on the
market opening" shall mean the following:
a) the first Bid of the trading session is higher than the last
Ask price of the previous session;
b) the first Ask of the trading session is lower than the last
Bid of the previous session.
"Manifest error" shall mean an error
of a dealer who opens/closes a position or executes an order at the price which
significantly differs from the price for this instrument in the quotes flow at
the moment of taking this action, or any other dealer's action in respect of
the prices which are significantly differ from the market prices.
"Ask" shall mean the
higher price in the quote. The price the Customer may buy at.
"Bid" shall mean the
lower price in the quote. The price the Customer may sell at.
"Equity" shall mean:
balance + floating profit - floating loss.
"Hedged margin" shall mean the
required by the Dealer margin sufficient to open and maintain locked positions.
The details for each instrument are in the contract specifications.
"Margin Level" shall mean the
percentage equity to necessary margin ratio. It is calculated as
(equity/margin)*100%.
"Outstanding
price" means the price/volume correlation. The price is shown on the
chart/market watch but is not tradable due to the needed high volume for
execution..
"Stop out" shall mean the
instruction to close Customer open position without his/her consent or any
prior notice in case of insufficient funds required for maintaining open
positions.
"Storage" shall mean the
charge for the position's rollover overnight. Storage can be both positive and
negative.
"Trailing Stop" shall mean 1) a
trailing stop value set by the Customer; 2) the algorithm of managing Stop Loss
orders:
a)
if open position's profit is less than Trailing Stop
value no action shall be taken;
b)
once the profit (in points) of the open position has
exceeded Trailing Stop value the client terminal gives an instruction to place
Stop Loss order at the level which is at the same range from the current price
as the Trailing Stop value;
c)
once a new quote has
been received and the range between Stop Loss order level and current price has
become higher than the Trailing Stop value, the client terminal sends the
instruction to the server to modify Stop Loss order at the level which is at
the same range from the current price as the Trailing Stop value.
Trailing Stop is
executed only when the client terminal is on-line, having been successfully
authorized.
FXCAST
August 2005
